JACKSONVILLE, Fla. -- Johnny Mitchell joined the ranks of a home buyer after looking for several months and having to pay above the asking price for a townhome in Biscayne Bay.

Mitchell faced what is becoming more common as a dwindling supply of homes is resulting in multiple offers from prospective buyers.

"From experience dealing with other homes we initially put a bid in, I thought bid might have been too low," said Mitchell who had the highest offeron a homejust on the market two days with multiple offers.